A bankruptcy judge scrutinizing The Onion’s bid for Alex Jones ’ Infowars platform was expected to hear a second day of testimony Tuesday after an…
was expected to hear a second day of testimony on Tuesday after an auctioneer defended the satirical news outlet’s winning offer in November.
Jeff Tanenbaum, president of ThreeSixty Asset Advisors, was grilled by lawyers for Jones and the company in a Houston courtroom on Monday over how The Onion’s bid came to be valued at $7 million and why a live auction was not held. He defended both the value of the bid and its selection after the two sealed offers were opened.
Most of the proceeds from the sale of Infowars, as well as many of Jones’ personal assets, will go to the Sandy Hook families to help satisfy judgments issued by juries and judges in state courts in Connecticut and Texas. Some proceeds will go to Jones’ other creditors. A lawyer for Jones, Ben Broocks, asked Tanenbaum how it was possible that the Sandy Hook families’ offer boosted The Onion’s offer to such a high amount.
“How does a $1.75 million bid beat a $3.5 million bid?” he asked. “How is that $1.75 million greater? Well, it’s voodoo economics to use a phrase.”Joshua Wolfshohl, an attorney for Murray, told the judge Monday that no wrongdoing occurred during the auction. He called the complaints by Jones and First United American Companies unfounded.
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